Citigroup's response to massive writedowns in its institutional business was to promote markets guru Vikram Pandit to chief executive and investment banker Sir Win Bischoff to non-executive chairman, but analysts questioned why it failed to appoint anyone with experience of the retail banking sector.

Citigroup announced yesterday that it would pursue what is essentially a three-pronged leadership structure, with Pandit as chief executive, Bischoff as non-executive chairman and former Treasury Secretary Robert Rubin maintaining his role as a strategist.